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Discussion Question 1-42 (Algorithmic) (LO. 5) Isabella files her income tax return 90 days after the...
Discussion Question 1-42 (Algorithmic) (LO. 5)
Isabella files her income tax return 90 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $154,000, which is the balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Isabella's penalty amount for each, failure to file and failure to pay.
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Isabella files her income tax return 180 days after the due date of the return without...
Isabella files her income tax return 180 days after the due date
of the return without obtaining an extension from the IRS. Along
with the return, she remits a check for $90,000, which is the
balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Isabella's failure to
file penalty and and failure to pay penalty.
Failure to pay
$
Failure to file
$
Sarah is single. She files her tax return as Single. Her 2020 income from wages is...
Sarah is single. She files her tax return as Single. Her
2020 income from wages is $450,400. She has “net long-term capital
gains” of $100,000. Total 2020 gross income is $550,400. Sarah is
under 65 years of age and does not itemize her deductions. What is
Sarah’s total federal income tax?
A)
$112,829.75
B)
$128,095.50.
C) $147,922.50
D) $149,701
please show work thank you
Exercise 5-26 (Algorithmic) (LO. 3) Myrna and Geoffrey filed a joint tax return in 2017. Their...
Exercise 5-26
(Algorithmic) (LO. 3)
Myrna and Geoffrey
filed a joint tax return in 2017. Their AGI was $99,825, and
itemized deductions were $15,600, which included $12,480 in state
income tax. In 2018, they received a $7,488 refund of the state
income taxes that they paid in 2017. The standard deduction for
married filing jointly in 2017 was $12,700.
Under the tax benefit
rule, $______of the state income tax refund is included in gross
income in 2018.
In 2017, Juanita is married and files a joint tax return with her husband. What is...
In 2017, Juanita is
married and files a joint tax return with her husband. What is her
tentative minimum tax in each of the following alternative
circumstances? (Input all values as positive. Leave
no answer blank. Enter zero if applicable.)
Description
Amount
(1)
AMT base
(2)
Dividends
taxed at preferential rate
(3)
Tax rate
applicable to dividends
15
%
(4)
Tax on
dividends
(5)
AMT base taxed
at regular AMT rates
(6)
Tax on AMT
base taxed at 26% rate...
In 2017, Juanita is married and files a joint tax return with her husband. What is...
In 2017, Juanita is
married and files a joint tax return with her husband. What is her
tentative minimum tax in each of the following alternative
circumstances? (Input all values as positive. Leave
no answer blank. Enter zero if applicable.)
Description
Amount
(1)
AMT base
(2)
Dividends
taxed at preferential rate
(3)
Tax rate
applicable to dividends
15
%
(4)
Tax on
dividends
(5)
AMT base taxed
at regular AMT rates
(6)
Tax on AMT
base taxed at 26% rate...
Exercise 2-32 (Algorithmic) (LO. 4) Compute the income tax liability for each of the following unrelated...
Exercise 2-32 (Algorithmic) (LO. 4)
Compute the income tax liability for each of the following
unrelated C corporations.
Click here to access the tax table to use for this problem.
a. Darter Corporation has taxable income of
$69,700.
$
b. Owl Corporation has taxable income of
$13,948,000.
$
c. Toucan Corporation, a personal service
corporation, has taxable income of $365,000.
$
Ruth, who files as single, reported itemized deductions of $12,300 on her 2018 tax return.
Ruth, who files as single, reported itemized deductions of
$12,300 on her 2018 tax return. Her itemized deductions included
$400 of state taxes paid. In 2019, she received a $275 refund of
state taxes paid in 2018. What is the amount that Ruth needs to
report on her 2019 tax return? A) $400. B) $275. C) $300. D)
$0.
Amanda files her current year tax return on June 18 of the following year. On August...
Amanda files her current year tax return on June 18 of the
following year. On August 8 she pays the amount due, if any,
without requesting an extension. The tax shown on her return is
$20,000.Amanda pays no estimated taxes and claims no tax credits on
her current year return.
Requirements
What penalties will the IRS likely impose on Amanda (ignoring the penalty
for underpayment of estimated taxes)? On what dollar amount, and
for how many days, will
Amanda owe...
Exercise 15-20 (Algorithmic) (LO. 5) Yanni, a single individual, reports the following information for the tax...
Exercise 15-20 (Algorithmic) (LO. 5)
Yanni, a single individual, reports the following information
for the tax year.
Salary
$115,600
State income taxes
11,560
Mortgage interest expense
10,404
Charitable contributions
2,312
Interest income
1,734
Personal exemption
4,050
Click here to access the exemption table. If required, round
your answers to the nearest dollar.
Compute the following for Yanni.
a. Regular taxable income:
$
b. AMT base:
$
c. Tentative minimum tax:
$
PLEASE SHOW CALCULATIONS 1. Find the real return, nominal after-tax return, and real after-tax return for...
PLEASE SHOW CALCULATIONS
1. Find the real return, nominal after-tax return, and real
after-tax return for each of the following stocks:
Stock
Nominal Return
Inflation
Tax Rate
X
13.5%
5%
15%
Y
8.7%
4.7%
25%
Z
5.2%
2.5%
28%
2.)
Compute the holding period returns for each security below:
Security
Price Today
Price One Year Ago
Dividends Received
Interest Received
RR
$20.05
$18.67
$0.50
WC
$33.42
$45.79
$1.10
AC
$1,015.38
$991.78
$100.00
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